Hi Dave,
Horse trappings and India were my first thoughts also. A horses head and mane. Then after more thought, the rings and whole thing seems rather on the light side to be part of a horse bit and other trappings. When at home I was able to look through a few books. A lions head is frequently found on recade. I could start uploading pics for discussion. I think the rings are added possibly to flash it up as it is not the most special. It is possible that there was a lanyard of some material and ribbons? stuff? could go on the top ring? At 50cm they would have to be like Shetland ponies
. Is it pony and trap?
PS. A quick google Fon Recade comes up with quite a lot of info and pics of various types many feature a lion.